These days, I’ve been watching the controversy in the secondary market over cutting royalties again and again. To put it simply, everyone wants liquidity to be smoother, but creators’ cash flow is also genuinely their lifeline. I used to strongly believe that “once the protocol is written, it will automatically execute,” but I later realized that if the trading entry point doesn’t cooperate, the rules are basically just for show… I no longer believe the saying, “If it’s written into the contract, no one can get around it.”

It makes me think of that wave of blockchain game collapses: once inflation kicks in, studios rush in, the token price spirals, and in the end, nobody has time to care about “ideal design.” The creator economy is the same—don’t treat a burst of popularity as a long-term model. Anyway, when I look at projects now, I first ask myself: if there were no royalty incentives, could the community still spontaneously produce content? If not, then stay away—focus on your positioning.